qemu-img fails to create images >= 4G

On a Windows XP system and an NTFS drive, using QEMU on Windows Ver 0.12.2 from http://homepage3.nifty.com/takeda-toshiya/qemu/ or QEMU 0.12.3 or d3538b45ea88e82d1b01959b4ca55d3696b71cb2 built locally, when I run the following command, a zero-length file is created.

 qemu-img create foo.img 4G